Having a quality employee that does good work and whom you can trust is an important asset and benefit for any business. Due to this, finding ways to keep quality employees, or get them to come back to work, can be advantageous. In some cases, you may want to rehire an employee that has retired. […]
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What Are the Important Deadlines for Retirement Plans?
Retirement is the ultimate goal of many people, but only some understand what’s required to stay on the right track. Even the most basic 401(k) plan can have requirements to meet to avoid late fees and even having to put off retirement dates. Keep reading to see if you have deadlines to meet in 2023 with […]
What Is a 401(K) Fiduciary and What Are Their Responsibilities?
Retirement is something that all of us look forward to. For those that have a 401(k) plan, you may be familiar with a 401(k) Fiduciary. Knowing what this important professional does can help you determine if you need one or not. What does a 401(k) Fiduciary Do? A 401(k) fiduciary is someone that works to […]
How To Correct an Average Deferral Percentage Test
Employees who qualify to be part of an organization’s 401(k) plan must defer a percentage of their income to the 401(k) plan every month. This amount is known as the actual deferral percentage (ADP) amount. There is a tax code that governs the operations of 401(k) plans from qualified retirement plans and aims to prevent these […]
What To Do if Employee 401(K) Contributions Were Missed or Forgotten
As an employer, you are 100% responsible for ensuring that your employees’ 401k contributions are transferred to the plan trust. You must complete these transactions in a specified amount of time or risk a failure that could result in plan disqualification. The other issue that might arise is that you will need to do an […]